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BADM 320 Week 2 Day 1

by: Amy Kwon

BADM 320 Week 2 Day 1 BADM 320

Amy Kwon

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About this Document

These notes cover what will be on the following exam.
Principles of Marketing
Mark E Wolters
Class Notes
business, Marketing, advertisement, Advertising, Advertising Principles, principles of marketing
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This 3 page Class Notes was uploaded by Amy Kwon on Monday September 5, 2016. The Class Notes belongs to BADM 320 at University of Illinois at Urbana-Champaign taught by Mark E Wolters in Fall 2016. Since its upload, it has received 3 views. For similar materials see Principles of Marketing in Business Administration at University of Illinois at Urbana-Champaign.

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Date Created: 09/05/16
Tuesday, August 30, 2016 Badm 320 Week 2 Day 1 What is marketing strategy? It identifies a marketing mix for said product. - Things like time matters. 10AM class: you’ve got more time, so you get coffee. Coffee STP
 Different things are offered to different consumer preferences
 Wifi provided for iffy coffee-drinkers Coffee bags for at-home coffee-drinkers
 Discounts for coffee lovers Sustainable Competitive Advantage (SCA) :
 - an advantage that a firm has over their competitor that is hard to copy. So they can maintain their competitive advantage for long time. - SCA do weaken over time due to gradual competition imitation, backward integration, brand name, bad press, changes in the industry What improves customer retention? 1. Customer Excellence: treat customers nicely 1. Customer Excellence Customer Lifetime Value: how much money a firm can make off a customer over their lifetime 2. Operational Excellence Supply chain, management, human resources (hiring), accounting. 3. Product Excellence branding & Constant Innovation & making it hard to copy 4. Locational Excellence convenience > Clients Customers - they have names -nameless people - 1:1 interaction -mass marketing the same product - individual data bases kept (based on statistics, popular color = blue) - personal care -first come first serve - strong relationship -not much loyalty felt by customer 1 Tuesday, August 30, 2016 Share of Customers: the amount of customer’s purchasing that a firm gets in all of their product and service categories. Where do people spend their money? That’s what they want to target. ex) Apple got the mobile phone to entertainment to photography to music.
 - firms want to get consumers buying as much stuff as possible - Share of Wallet: Banks want to be your checking account, savings account, mortgage holder. When you go the bank, “we get you a loan for your car, your house, your insurance too” - Share of travel: airlines sell plane tickets + hotel rentals, package deals, which makes money on more parts of your trip -Share of college students wallet: housing, dining, clothing, donations Customer Equity: the value of all of our customers’ lifetime values Customer Relationship Goals
 Butterflies: profitable but not loyal (they come if on discounts) True friends: profitable AND loyal (harder to find) Strangers: don’t even deal with them Barnacles: loyal but not profitable everyday SCA:
 - Speed & time: FAST - Superior data management and data analysis: Google has great search algorithms & Facebook knows everything about you (targeted ads) - Strong Research & Development Team: Apple and Google come out with new designs -Brand Popularity: Budweiser - High Volume Production: Operational- Pepsi guarantees all product lines will be available all the time Exclusive distribution rights: Nike is the only one that can make Brazil jerseys Flexibility in manufacturing: ZARA can have new designs in 6 weeks, not 6 months The Marketing Plan - It shows people what we are planning on doing and gives us direction and shows we know what we’re getting into - We needs it because it helps us assess out progress and goals for the future 2 Tuesday, August 30, 2016 The Make Up of a Marketing Plan - Executive Summary: Think of a movie preview. It’s the most important parts of the project. It covers the goals and recommendation of the entire marketing plan. Current Market situation: show you understand the market plans: who are the competitors, who are the targets, what are we selling for how much and how many, or distribution for the product to get to the customers as well as trends in the marketplace. - SWOT analysis: do a situation analysis of the Strength and Weaknesses of the company or products and the opportunities and threats that lay outside of the company’s control - Strength: what they do well (fast, cheap, soft, delicious) - Weakness: how to improve - Opportunity: care about health? gluten free! - Threat: legislation banning affects company 3


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